http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
This volume develops a dynamic perspective on the study of technology as a disruptive force and its relationship to financial regulation and the law. It identifies the interconnections that characterise technology-driven transformations, involving commercial practices, capital markets, corporate-governance, central banking, and financial networks.
Intro -- Title Page -- Copyright Page -- Contents -- List of Figures -- Table of Cases -- Table of Legislation -- List of Abbreviations -- 1. The Underlying Complexities within the Line of Disruption -- Introduction -- A. An Oxymoron-One More -- B. Emergence Economies and Network Growth Economies -- C. The Need for a New Theoretical Framework to Understand the New Economic and Societal Transformations -- D. The Word 'Complexity' and Its Multiple Uses and Contexts -- E. The Structure of Chapter 1 -- I. Complexity as a Science: Complexity of Adaptive Systems or Complexity Science Tout Court -- A. What Are Complex Adaptive Systems? -- B. The Scope of Complexity Science -- C. The Impact of Complexity on Legal Science -- II. Complexity in Capital Markets and Finance: A Structural (Static) Attribute of International Finance and the Basis for Alternative Views -- A. General Remarks -- B. Approaches to Complexity in Financial Markets -- C. An Alternative View on the Relationship between Financial Markets and Complexity -- III. How Does Innovation Come into Play When Analysing Complexity? Diving into the Relationship between Complexity and Technology -- A. Financial Innovation -- 1. General Traits and Continuity of Financial Innovation over Time -- 2. Transaction Meta-Technologies -- B. Disruptive Technologies: The Current Landscape -- 1. Sustaining vs Disruptive Technologies -- 2. The Main Disruptive Technologies -- 3. Specific Discontinuities in the New Paradigms -- C. Disruptive Innovation (and Technology) as Regulatory Disruptive Innovations -- 1. A Few Examples -- 2. Approaches for Regulatory Disruptive Innovations -- 3. Regulatory Disruption, Complexity, and the Idea of Dynamic Regulation -- IV. Complexity as History-Dependency: The Historical Dimension of Transformations and Disruptive Innovations in International Finance.
A. The Shadow Banking System -- 1. What Is the Shadow Banking System? -- 2. Causes Leading to the Establishment of the Shadow Banking System -- B. The Financial Crisis of 2008: A Financial and a Corporate Scandal -- C. After the Financial Crisis -- 1. Regulatory Response -- 2. Technological Response -- V. The Layers of Complexity -- A. The Three Basic Layers -- B. Evolving Complexity and Multidimensionality -- 1. Intrinsic Evolution of Each Subpart -- 2. Interaction between Each Subpart: Complexity as Multidimensionality -- VI. The Structure of the Technological Implications and the Key Questions -- A. An Ascending Climax -- B. The Key Problems and the Two Dimensions -- 1. The Static Component of the Problem -- 2. The Dynamic Component of the Problem -- C. Limiting the Scope of the Analysis to Technology -- Conclusion -- 2. Starting from the Basics: Regulating Smart Contracts -- Introduction -- I. A New Technical and Infrastructural Environment for Contracting: Smart Contracts -- A. What Are Smart Contracts? -- B. The Role of Blockchain Platforms for Popularizing Smart Contracts and Increasing Their Complexity -- 1. General Remarks -- 2. Increasingly Complex Smart Contracts, Distributed Autonomous Organizations (DAOs), and 'The DAO Case' -- II. Towards a Regulatory Framework for Smart Contracts -- A. The Law and Economics of Smart Contracts -- B. The Legal Regime of Smart Contracts in the United States -- 1. Uniform Commercial Code -- 2. The Regulation of Smart Contracts under the Uniform Electronic Transaction Act (UETA), the Electronic Signature in Global and National Commerce Act (ESIGN), and the Uniform Computer Information Transaction Act (UCITA) -- 3. The Regulation of Blockchain and Smart Contracts at the State Level -- C. Europe -- 1. General Remarks -- 2. The Debate on Smart Contracts within the European Union.
3. Mapping the Main Initiatives in Europe -- III. Critical Considerations -- A. Why Smart Contracts Are a Matter of Law -- B. The Formation of the Agreement in the Context of Smart Contracts -- C. The Problem of Regulatory Fragmentation and the Importance of Uniform Principles: Regulatory Fragmentation and Lex Cryptographia -- D. The Importance of Self-Regulatory Organizations -- E. Smart Contracts and Complexity -- Conclusion -- 3. Enhancing Disruption: Smart Contracts in Capital Markets, or Initial Coin Offerings: Breached Promises and Relevant Consequences -- Introduction -- I. Key Aspects of ICOs and How They Evolved -- A. The Structural Pattern -- B. ICO Problems and Structural Adaptations -- II. The Regulatory Debate on ICOs -- A. United States -- 1. CFTC and SEC: Two Faces of the Same Coin -- 2. Recent Initiatives -- B. European Union -- C. Switzerland -- III. Unsolved Issues Emerging from ICOs -- A. The Best Regulatory Approach -- 1. Emerging Regulatory and Enforcement Patterns and the Difficulty to Effectively Compare Them -- 2. Implications of the Securities Enforcement beyond the 'Securities Space': The Problem of Stablecoins -- 3. Residual Concerns -- B. The Breached Promises of ICOs -- 1. Financial Inclusion -- 2. Disintermediation of Venture Capitalists -- 3. Disintermediation of Market Infrastructures -- IV. ICOs' Relevant Consequences -- A. Consequences for Capital Market Structures -- B. Consequences for the Creation of 'Mainstream' Digital Securities -- 1. Impact of Digital Securities on Corporate Offerings -- 2. Impact on Government Offerings -- 3. Potential Infrastructural Consequence of Digital Securities at the Level of Traditional Exchanges and Other Market Infrastructures -- C. Broader Consequences for Corporate Governance -- 1. Ownership Transparency -- 2. Shareholder Voting -- 3. Real-Time Monitoring.
4. A Hypothetical Blockchain-Based Infrastructure for Corporate Governance -- 5. Potential Problems of a Blockchain Solution -- D. The Impulse to the Development of Tokenized Crypto-Assets -- 1. Crypto-Assets -- 2. NFTs -- E. ICOs and Complexity -- Conclusion -- 4. Disrupting Central Banking or Shadow Central Banking -- Introduction -- I. Central Banking -- A. Goals and Mission of Central Banks -- B. Central Banks' Main Characteristics -- C. Traditional Money and Payment Systems -- 1. Central Bank and Commercial Bank Money -- 2. The Functions of Money -- II. Shadow Central Banking -- A. What Is Shadow Central Banking -- 1. The Role of Technology -- 2. Shadow Central Banking versus Private Central Banking -- 3. Shadow Central Banking versus Shadow Banking -- B. New Forms of Money as the Main Source of Disruption -- 1. E-Money and Pre-Bitcoin Digital Currencies -- 2. Bitcoin -- 3. Stablecoins -- 4. Payments and DeFi -- C. Similarities in the Causes Leading to the Emergence of Shadow Banking and Shadow Central Banking -- D. The Reaction of Central Banks -- 1. Central Bank Digital Currencies -- 2. Public Debate and Experiments -- III. Critical Considerations -- A. An Old Paradigm? -- 1. Private Central Banks -- 2. A Pre-'Full-Faith-and-Credit' Paradigm -- B. Independence, Governance, and Corporate Governance in Shadow Central Banking -- 1. Private Central Banks and Separation between Ownership and Control -- 2. Corporate Governance -- C. Potential Problems -- 1. Systemic Risk -- 2. Shadow Central Banking as Liquidity Provider and Lender of Last Resort: Structural Limits -- 3. Fragmented Network and Interoperability -- D. Broader Regulatory Implications -- E. Potential Scenarios -- 1. Scenario 1: Shadow Central Banking Replacing the Current Central Banking System -- 2. Scenario 2: Reducing or Eliminating Shadow Central Banking.
3. Scenario 3: Effective Co-Existence between CBDCs Issued by Central Banks and Private Currencies -- F. Shadow Central Banking and Complexity -- Conclusion -- 5. Disrupting Shadow Banking or Crypto Shadow Banking -- Introduction -- I. Crypto Shadow Banking? -- A. The Network of Crypto Shadow Banking -- 1. Crypto-Lending or DeFi Lending -- 2. (DeFi) Lending Platforms -- 3. Towards Non-Collateralized Loans? The Case of Flash Loans -- 4. Leverage in the Cryptoeconomy, Derivatives, and Other Instruments -- 5. Money Market Funds (MMFs) and Stablecoins -- 6. Private Funds -- 7. Prime Brokers and Custodians -- 8. Securitization and Tokenization -- B. Similarities between Shadow Banking, Shadow Central Banking, and Crypto Shadow Banking -- II. The Risks of Crypto Shadow Banking -- A. Excessive Leverage and Opacity -- B. Liquidity Risks -- C. Technology-Related Risks -- D. Rating Crypto-Assets -- 1. Credit Rating and Environmental Social Governance Rating -- 2. Rating Analysis in the Cryptoeconomy -- E. From Speculation to the Creation of Financial Conglomerates -- III. Regulatory Measures to Build a Sustainable Cryptoeconomic Ecosystem -- A. Regulating Stablecoins as MMFs -- B. Market Infrastructures -- C. Crypto-Financial Products -- D. Financial Conglomerates -- E. The Discussion on Rating for Crypto-Assets -- F. Facing Technological Risks in Crypto Shadow Banking -- G. Crypto Shadow Banking and Complexity -- Conclusion -- Concluding Remarks: What's Next? -- Introduction -- I. Answering the Key Questions -- A. The Static Component -- B. The Dynamic Component -- C. Complexity, Dynamic Regulation, and the Problem of Managing Disruption -- D. Technological Disruption as a Case Study? The Case of Sustainability -- E. The Intersection of Sustainability and Technology: Sustainable Digital Finance -- II. What's Next? The Metaverse as a Synthetic Universe.
Includes bibliographical references and index.
Laws of specific jurisdictions & specific areas of law